EUR is on the upside ahead of EU GDP

Bank notes of different currencies
On the economic front, the European Commission will report 3Q GDP later today. It is expected at -4.3% on year and at +12.7% on quarter. September trade balance is also expected at 22.5 billion euros surplus. In the U.S., the University of Michigan will publish its Consumer Sentiment Index for November (82.0 expected).

From a technical point of view, on a daily chart, EUR/USD still stands above its 50-day moving average (in blue). Readers may therefore consider the potential for further advance above 1.1605. The nearest threshold would be set at September top at 1.2015 and a second one would be set at previous overlap at 1.2150.

Source: TradingView, GAIN Capital

Related tags: EUR Forex Forex

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